A few days ago, I was at Starbucks and I saw a poster on the wall that said "pay with Bitcoin". This caught my attention because I had never heard of such a thing. Then I did a little research and found out more about it and how it worked. I’m glad I did because I think this would be a good way to make online payments. It seems like a great concept and it might pave the way for a much more evolved payment system.
The first company who had the bright idea to accept payments with bitcoins was Coinbase. Wikipedia, the free business that runs the world’s largest open source encyclopedia, also accepts payments in bitcoin. Payments are done through BitPay. Also called "Coins Etc", the website lets you pay with your Visa or MasterCard and even your PayPal account.
The founders of Coinbase recognized the potential use of digital currencies like bitcoins. Their service works just like a credit card: you can click "buy it now" on the merchant’s site and then enter your credit card information and other necessary information. You are then sent to a page where you can check out the current price of some bitcoins. Once you have chosen which one you want to pay with, you are done!
I think this system has tremendous potential as a payment platform because of its simplicity and effectiveness. If you’re wondering if there are other digital currencies out there, then the answer is yes. There are currently several competing currencies including ecos, cashium, doex, Mastercard and Waves. Each one has certain benefits as well as drawbacks when it comes to being able to accept bitcoins as payment for goods and services.
The biggest benefit of using a wallet is that you don’t need to go through a series of complex verification processes. With traditional credit card transactions, you usually have to enter your recipient’s billing address, bank account number, and social security number. Even though it’s very safe to use an online banking service like Bankwire or Paydotcom, they still require extra information to complete a transaction. With a bitcoin wallet, all you have to do is send the transaction. You don’t have to worry about giving out sensitive information.
Another benefit is that most people who use these systems have a fairly easy time finding an online retailer to accept their payments. Even if a merchant doesn’t accept bitcoins, they’re probably planning to do so in the near future. So if you want to be part of the startup wave that is turning the online retail industry on its head, then this is the best way for you to get on-board.
So how can you get paid with bitcoins? One way is to sign up for an account at Bitpay, which will give you the ability to process and receive multiple kinds of payments. If you already have an account, then all you need to do is go to their website and sign up for an Expedia discount code to get free travel deals.
But the best thing about using a bitcoin address is that no one needs to know anything about you in order to pay you. When you send a payment to someone with a conventional credit card, a bank account, or a PayPal account, they all see the same address that belongs to you. With a wallet, you give them your public key, which is a string of numbers that you create. They then give you your private key, which is another string of numbers that only you know. They give you your bitcoins address, and you put your private key in the corresponding place on the receipt and the transaction is completed.